- Many businesses offer programs where the company cosigns for the employee’s student loans
- Other common benefits include paying for continuing education courses, daycare subsidies, and health club memberships
- Some companies also give seasonal bonuses as an incentive for good performance and loyalty to the organization.
For owners and entrepreneurs in every industry, treating workers well is an innovative business practice. That explains why some of the world’s largest and most successful corporations offer extensive benefits packages for those who work there. Of course, small organizations can’t afford to do the same, but there are excellent ways in which business founders can support their employees and make a difference in their lives.
Human creativity being what it is, there are hundreds of different plans, programs, and arrangements for those who work for smaller enterprises. One of the better features includes policies where owners cosign for employees’ student loans and pays for continuing education courses. Other common kinds of support are daycare subsidies, free or discounted health club memberships, and seasonal pay bonuses. Here’s an overview of how business owners support the people who work for them.
Cosign for Student Loans
One of the newer employee benefits, particularly at small businesses and startups, is a program in which owners cosign for student loans. Many workers have solid incomes and work histories but don’t otherwise qualify for student loans. However, if their employer serves as a cosigner, the applicant has a better chance of approval. Helping your team members gain access to education financing and thus attend the college of their choice is an excellent way of building loyalty and doing something good for those who have given their productive years to help your organization succeed. Consider that many of the people you cosign for will likely remain on the job while they attend online college courses.
Pay for Continuing Education Courses
For decades, corporations of all sizes have covered CEU (continuing education units) for their team members. Of course, when the organization requires the classes, the company usually automatically covers them. But for other coursework not directly related to the job, employees are generally on the hook for the tuition and additional fees. By offering to pay for all CEUs, your business can incentivize people to stay with the company instead of job hopping.
Offer Daycare Subsidies
Employer-covered daycare subsidies have been around for decades but are now becoming commonplace features of benefits schedules. For parents, the payments do two crucial things. First, they allow the person to work outside the home, which they otherwise would not be able to do without daycare services. Second, they offset the relatively high cost of those services for moms and dads with young children.
Reimburse Health Club Memberships
It’s smart for company owners to encourage healthy lifestyles among their staff members and other workers. That’s just one of the reasons behind the current trend toward employer paid health club memberships. Most organizations set a reasonable upper limit on the subsidies, but the results are positive. Not only are users encouraged to stay in good physical shape, but owners end up paying out less in medical coverage on group policies.
Give Seasonal Bonuses
Seasonal bonuses are not as common as they used to be, but those who receive them tend to remain with their employers for longer. For corporations, the payments are an incentive for continued good performance and long-term loyalty to the organization.